t’s no secret that our investment and insurance portfolio needs to grow as we do. Every time our life changes — a new home, a family, aging, career changes — they all impact what our portfolio should look like. But as we get busy with our changing lives, we often lose track of what our portfolio should look like.
When you start your career
1. An emergency fund
Set a goal, such as six months of living expenses, and start saving a portion of your salary every month. Keep this as a fund you don’t touch.
2. Basic life and health insurance
These are not exciting but they are absolutely necessary. Nothing can derail your goals or life plans like a big, unexpected emergency that you have not prepared for.
3. Your first investments
After building your emergency fund, start dedicating a portion of your savings to investing. Ideally a stable long-term investment that can take advantage of your early start. Your biggest asset is time, after all.
When you start your family
1. Your first home
As you start your family, setting roots become important. A big milestone for any family is buying their first property. Remember to consider something that fits comfortably into your budget — as over-stretching for your home can quickly turn a potential asset into a burden.
2. Income protection
As you become more reliant on your income to sustain your everyday quality of life, it becomes more and more important to protect it. Income protection can ensure that if you suffer loss of income due to injury or health-related issues, you will be protected.
3. Children's education fund
As you plan for having kids, start building a fund for their education. The earlier the better! We know kids cost up to USD750,000 in some markets across Asia to raise from birth to tertiary study and education plays a big role in that cost.
When your kids are growing up
1. A diversified portfolio
As your kids grow up and your nest egg is stable, it is time to diversify your portfolio. You can look into more speculative investments, reaching out abroad or looking into new markets such as sustainable energy.
2. A retirement plan
One key thing to invest in as you start to look at the twilight of your career is planning for retirement. If you have been building your portfolio progressively as you age, you should already be in a good position to retire. However, even if you haven’t you can work with us to create a plan for retirement.
3. Passive income streams
One of the greatest assets you can add to your financial portfolio is a form of passive income. For example, a second home that you rent out, a small business that can generate income, or even dividends from investments. All of these things can ease financial strain as you prepare for your golden years.
Most important of all, is understanding that it’s never too late to adjust, refine or grow your portfolio. We can work together to create a plan to get you there. The first step? Fill in the form below and let's talk!
